Bobby Lee: Bitcoin set to exceed $ 60k, is "Simple Math"
The cryptocurrency market has had its fair share of bulls and bears over the years. Bobby Lee, co-founder of the BTCC exchange and Charlie Lee's brother, apparently falls into the previous category, recently published a series of tweets about his confident and indomitable feeling about Bitcoin.
When #Bitcoin passes the $ 60,000 USD level in the next few years, it will reach a total circulation value of $ 1 trillion. This will be a huge #milestone for $ BTC and will lead to greater price stability, greater global liquidity and even faster global adoption. #VirtuousCycle
– Bobby Lee (@bobbyclee) 24 August 2018
Friday afternoon, the industry veteran and the Bitcoin bull Bobby Lee have revealed that he fully expects the price of the main cryptographic resource to rise to $ 60,000 "in the coming years". In addition to reaching $ 60,000 a piece, the crypto entrepreneur noted that the total market capitalization of the asset will exceed $ 1 trillion, which would put Bitcoin on par with the value of some legacy markets. He added:
This statement alludes to the fact that $ 1 trillion will be an important mental barrier for the bitcoin to cross, as once upon a time, the "pesters" may begin to see that this nascent class of activity holds true value  While predictions are often plausible hypotheses, Lee made it seem much more a certainty rather than a prediction, which shows that he is very determined to portray himself as a Bitcoin bull.
Mining, Halving, And Liquidity
However, Lee quickly received a lot of criticism from the Bitcoin pessimists, many noting that his reasoning behind the prediction was somewhat superficial and vague at best. In response to criticism, the BTCC executive subsequently issued a series of tweets that should have given credibility to its predicted prediction.
Lee for the first time raised the idea of mining and the next halving of Bitcoin, referring to his seven years of industry experience. wrote:
When I started in 2011, the global daily output (new BTC price) was $ 36,000. In 2015, this went to $ 1.8 million. Today we are 12 million dollars. It means that globally, willpower continues to rise, using up to $ 12 million in electricity costs.
The BTCC co-founder continued to note that if the Bitcoin network hashred continues to grow in a non-linear fashion, coupled with halving the 2020 premium (900 BTC / day), the price of the asset will be pushed to new heights. Doing some napkin maths, he noted that if Bitcoin miners consume up to $ 54 million of electricity a day, Bitcoin could easily see the $ 60,000 level that he mentioned earlier.
He added that this all goes back to the liquidity needs of this market, noting that if the daily demand for Bitcoin eclipses $ 54 million a day, prices will go up to, if not more than $ 60,000. Lee also noted that this price forecast is a case of "simple math".
If the answer is> $ 54 million / day, then $ BTC Prices will be over $ 60,000 USD by that date. Simple Mathematics This is my price logic.
– Bobby Lee (@bobbyclee) 25 August 2018
Strangely, he did not mention altcoins, so it remains to be seen if he keeps this bullish prediction for over 1,800 other cryptographic assets today actively traded.
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